The International Finance Corporation (IFC) has allocated a loan worth $250 million for the construction and commissioning of the Shuakhevi hydropower plant, the European Bank for Reconstruction and Development (EBRD) said.
The Shuakhevi hydropower plant will be the first plant of this kind in Georgia. It received the certificate of the UN Framework Convention on Climate Change to reduce carbon emissions. It is expected to generate 450 gigawatt/hour of energy per year and reduce greenhouse gas emissions by more than 200,000 metric tons per year. The work began in 2013. It is planned to begin production in 2016, Trend reports.
The Shuakhevi hydropower plant is expected to meet Georgia’s needs for electricity in winter, to reduce dependence on imported fuel and to increase the production of renewable energy sources.
The International Finance Corporation (IFC) is an international financial institution, which is a member of the World Bank. The headquarters of the organization is located in Washington (USA). It was established in 1956 to ensure sustainable inflow of private investments in developing countries.
